Baker Tilly, Moss Adams merge in $7Bn deal to form U.S. CPA giant
TEXAS, UNITED STATES — In a landmark move for the accounting and advisory sector, Baker Tilly and Moss Adams have announced a $7 billion merger.
The deal, expected to close in early June 2025, will create the sixth-largest advisory CPA firm in the United States. It will operate under the Baker Tilly name.
The combined firm will house roughly 11,500 professionals and over 1,000 partners. It will be structured into two entities: Baker Tilly US, LLP will manage audit services, while Baker Tilly Advisory Group, LP (BTAG) will oversee tax and consulting operations.
Private equity backers Hellman & Friedman and Valeas Capital Partners will maintain minority stakes, while firm partners will collectively hold a majority share.
Ambitious growth plans and industry focus
The merger aligns with the firm’s ambitious goal to reach $6 billion in annual revenue by 2030, up from a combined $3 billion in 2024.
Both firms have a strong middle-market focus and complementary strengths—Moss Adams brings a tech consulting practice and West Coast presence, while Baker Tilly contributes depth in real estate advisory and a national footprint.
“Moss Adams is a great strategic fit,” said Jeff Ferro, CEO of Baker Tilly, who will lead the firm until retiring at year-end. “We’re expanding our ability to serve middle-market businesses with greater expertise, resources, and insights.”
Eric Miles, current CEO of Moss Adams and CEO-elect of the new firm, emphasized that the merger enhances client offerings while creating new career opportunities: “The resources, geographic reach and go-to-market strength of the combined firm magnify opportunities for our people to grow, collaborate and innovate.”
Global reach, IPO possibility, and market positioning
Baker Tilly’s global network already spans 143 territories, with combined international revenues of $5.6 billion. Though the global Baker Tilly International network is not part of the merger, the move solidifies the U.S. division’s presence and market dominance.
An eventual IPO is under consideration, according to Hellman & Friedman, which expects the firm’s valuation to potentially double or triple within five years.
“That gives us the opportunity to take the business public, get some liquidity, but also to continue to hold the business as a public shareholder post-IPO,” H&F partner Blake Kleinman said in a Wall Street Journal interview.
Despite the increased scale, both CEOs say the firm remains committed to the middle market.
“We have no interest in going into what the Big Four are doing. It’s a totally different market and skill set,” said Ferro. “We believe there’s so much opportunity in the middle market, we don’t need to do it.
